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Watts Water Technologies Q2 sales $371.1 million

Staff Writer |
Watts Water Technologies announced second quarter 2016 results. Sales of $371.1 million decreased 4.1% compared to the same period in 2015.

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Second quarter GAAP EPS was $0.83 as compared to $0.55 for the same period last year while adjusted EPS was $0.75 as compared to $0.69 for the same period last year.

For the first six months of 2016, operating cash flow was $7.8 million, net capital expenditures were $19.2 million and free cash outflow was $11.4 million.

In the comparable period last year, operating cash flow was $41.9 million, net capital expenditures were $12.5 million and free cash flow was $29.5 million.

The reduction in both operating cash flow and free cash flow was largely due to the anticipated impact on working capital from our transformation initiatives and anticipated higher capital spending in 2016 to support growth and productivity initiatives. We expect improvement in free cash flow during the second half of 2016.

For GAAP reporting, we recorded an after-tax gain of $8.3 million related to the sale of a China subsidiary. The gain includes a non-cash accumulated currency translation adjustment credit of $6.9 million. Proceeds from the sale will approximate $9.0 million.

Watts Water Technologies declared a quarterly dividend of $0.18 per share on each outstanding share of the Company’s Class A Common Stock and Class B Common Stock, said dividend to be paid on September 16, 2016 to stockholders of record at the close of business on September 2, 2016.


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